The Switch in Industrial Leadership
The Switch in Industrial Leadership
Korea has diversified from less to more complex diversified industries in a nonlinear fashion. This chapter suggests that cotton spinning and weaving, South Korea's leading sector in terms of production volume, did not serve as the springboard for further (late) industrialization in any organizational sense. Insofar as the diversified business (industrial) group acted as the agent of expansion, it had its origins in the government's more management‐intensive, early import‐substitution projects, not in a labor‐intensive industry like cotton textiles. The first part of the chapter discusses the Korean textile industry in detail. The last part discusses the textile industry versus the cement‐making industry, with a section devoted specifically to the Hyundai Cement Company.
Keywords: cement industry, diversification, Hyundai Cement Company, import substitution, industrial groups, late industrialization, South Korea, textile industry
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